Research

Journal Articles

Financial Technology Spillover and Investment Behavior: Financial Literacy, Risk-Seeking, and Portfolio Choice

Published in Working paper, under review, 2026

Technological advances and digitization have reshaped how investors access financial services, yet it remains unclear whether these services substitute for traditional financial channels or instead encourage broader market participation.

Recommended citation: Pengyu Wang, Jinwei Zhang, and Mingwen Yang. (2026). "Financial Technology Spillover and Investment Behavior: Financial Literacy, Risk-Seeking, and Portfolio Choice." Working paper.
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A Dynamic Multi-Agent Framework for Collective ESG Investment: Mitigation, Greenwashing, and Strategic Trade-offs

Published in Working paper, Reject & Resubmit at M&SOM Apr.26, 2026

This paper studies how firms make collective ESG (Environmental, Social, and Governance) investment decisions when their actions are strategically interdependent and interact with an ESG-aware financial market. Firms’ ESG investments, ranging from genuine mitigation to greenwashing, generate externalities, such as climate risk exposure and sustainability violations, that propagate across firms within the same industry or supply chain and influence capital market outcomes.

Recommended citation: Pengyu Wang, Shi Chen, Xiaoxuan Hou, Yixin Zhang. (2026). “A Dynamic Multi-Agent Framework for Collective ESG Investment: Mitigation, Greenwashing, and Strategic Trade-offs.” -. -.
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A Two-Layer Hybrid Graph Mean-Field Game for Distributed LLM Inference Demand

Published in Work in progress, 2025

The rapid adoption of agentic AI is turning large language model inference into a large-scale operational system rather than a purely software product.

Recommended citation: Pengyu Wang and Shi Chen. (2026). "A Two-Layer Hybrid Graph Mean-Field Game for Distributed LLM Inference Demand." Work in progress.
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Global Supply Chain Networks, Dynamics and Disruption

Published in Work in progress, 2025

This paper develops a firm-level supply chain network to investigate the ex post impacts of disruptive events—such as natural disasters, revolutionary technological breakthroughs, or geopolitical conflicts—on global supply chains.

Recommended citation: Pengyu Wang, Shi Chen. (2025). “Global Supply Chain Networks, Dynamics and Disruption.” -. -.
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Can Less be More? A Hybrid Solution to the Print-on-Demand Platforms

Published in Working paper, Reject & Resubmit at M&SOM, Nov.25, 2025

This paper optimizes the production strategy in the print-on-demand industry, investigating the game-theoretic relationships between content creators and platforms. We provide a hybrid production framework with incentive-compatible implementation strategies to demonstrate its effectiveness.

Recommended citation: Pengyu Wang, Yuankun Li, Masha Shunko, Yong-Pin Zhou. (2025). “Can Less be More? A Hybrid Solution to the Print-on-Demand Platforms.” -. -.
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Who Are the Winners? Business Opportunity Management—A Scope of Business Relationships

Published in Work in progress, 2025

We leverage a rich dataset from a prominent firm in the semiconductor industry to examine how business partnerships—relationships with downstream distributors and end customers—impact a company’s strategic behavior in exploring and exploiting potential business opportunities.

Recommended citation: Pengyu Wang, Shi Chen. (2025). “Who Are the Winners? Business Opportunity Management—A Scope of Business Relationships.” -. -.
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